Wells Fargo Starts Cathay General Bancorp (CATY) at Outperform; Phoenix Emerging From CRE Ashes

Wells Fargo initiates coverage on Cathay General Bancorp (NASDAQ: CATY) with a Outperform. PT range $18-$19.

Wells analyst says, "We believe 2012 will be a transition year for Cathay General. The MOU should be lifted, TARP should be repurchased, and the dividend could increase. These three factors, as well as margin expansion and continued loan growth, should prove to be catalysts for CATY shares."

For an analyst ratings summary and ratings history on Cathay General Bancorp click here. For more ratings news on Cathay General Bancorp click here.

Shares of Cathay General Bancorp closed at $15.78 yesterday.

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